You may have a revocable or living trust in your estate plan. Living trusts are very powerful planning tools that you can use for all kinds of purposes. Trusts can avoid probate, or provide for your family cottage, your favorite …
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Importance of Funding Your Trust
You brought home your brand new trust. It sure looks great. It may be in a shiny new binder with tabs and everything. But how do you know it is going to work? Your trust is a financial vehicle, and …
The Stuff People Fight Over
You may have that special ring that you want your daughter to have after you are gone. Or you may have Grandma’s antique bureau that your son has always admired. You may want Auntie’s antique silver tea set to go …
Top Estate Planning Misconceptions
As you go through life, you probably have found that there is no shortage of people who want to give you estate planning advice. This may include your friends. The likelihood is that you realize that these friends are not …
Providing for Special Needs Children
You may have a special needs child who is developmentally disabled and/or legally incapacitated. As a result of this disability or incapacity, your child may also be on some form of governmental assistance such as Supplemental Security Income or Medicaid. …
Essential Estate Planning Documents
You may think of estate planning as only death planning. However, estate planning also includes lifetime planning in the event of your mental incapacity. If you are like most people I have encountered, you would rather have your loved ones …
Your Trust As Your IRA Beneficiary
I am often questioned by financial advisors, banks and mutual fund companies if I meant to name a trust as primary beneficiary of retirement accounts. Yes, I meant to do that. When we prepare a trust-based estate plan, we also …
Indecision No Excuse for Not Planning
If you are like 70% of adults in Michigan, you have done no estate planning. You have not prepared a will, trust or financial or health care powers of attorney. The big question is: Why not? One reason you may …
To Fund or Not to Fund, That is the Question
I regularly get questions from readers regarding the subject matter of this column. I welcome these questions. Oftentimes I am not available to take a call or the question would take more time to answer than I had at that …
Even Estates of the Rich & Famous Can Crash & Burn
If you are like most people, statistically 70%, you have done no estate planning. If that is the case, you are in good(bad) company. There are many others that also have not planned. You would think that attorneys, trained legal …